You can consider a variety of items as assets. It can be jewellery, an estate, a house, an expensive watch, an heirloom, or anything of the sort. Typically, these items hold a special place in a person’s heart—they serve as a remembrance of a deceased or passed-on by the loved ones. In addition to their emotional significance, these items also hold significant monetary value. In both cases, these are things that need protection. Valuation therefore becomes an important part here; once done, the process ensures that the worth of the item is something that you are entitled to in case of theft or burglary. However, you must understand a number of factors before undergoing the valuation process.
This article is specifically about jewellery valuations and their types. This article is for anyone in the UK who wants to get their jewellery appraised. In the further paragraphs, we will be discussing what the importance of jewellery valuation, what the different types of jewellery valuation are, and whether you should go for Prestige Valuations as your valuing partner.
When planning to get a valuation, it’s vital to contact a reputable valuation company that has been in business for decades and is trusted by the public. Many people trust and recommend Prestige Valuations as one such valuation company. They’ve been in business for over 30 years, and the best part is that you don’t have to go to the store if you’re busy. Prestige Valuations will send their agent right to your doorstep and get your item picked up right from your doorstep.
Let’s now begin our exploration of the various types of valuations and their significance.
The Importance of Jewellery Valuations
Jewellery valuations serve multiple purposes, from determining insurance coverage to settling estates. Once the valuation is completed, you can rest assured about the overall value of your asset. This feature helps you greatly in situations where the worth of the asset is under consideration. There are several situations where you may need to provide the court or the insurance agency with the total worth of the asset; in these situations, the valuation documents act as lifesavers, helping you to keep all your problems at bay. Let’s discuss the different types of jewellery valuations and why they are important.
Types of Jewellery Valuations
Understanding the different types of valuations is crucial:
- Insurance Valuation: The most common reason for getting any valuation done is for insurance. In this kind of valuation, the documents serve as evidence for providing a replacement value for items in case of loss or damage. Prestige Valuations, as discussed, provides in-depth and detailed documents that help you buy insurance for your jewellery as early as possible.
- Probate Valuation: In the UK, it is a rule to pay an inheritance tax to the government when the inherited value exceeds a certain amount. In such cases, getting the valuation done helps determine the accurate worth of your inherited asset, and you will have an idea about how much tax you are supposed to pay, if applicable.
- Matrimonial Valuation: In divorce proceedings, it becomes crucial to get the total valuation of all the assets done. This ensures a fair division of assets between both parties. In such cases a prior valuation helps save time and effort.
- Open Market Valuation: Ideal for those looking to sell their jewellery, this valuation issues the value that your asset would fetch if sold in the open market at the moment.
- Facsimile Valuation: For unique or antique pieces, facsimile valuation is the solution. This valuation helps you find out what the price will be for a copy of the same jewellery made today. The value we get is the true value of the antique in today’s time.
Why Choose Prestige Valuations?
You might be thinking that there are several valuation companies in the UK, so why should we go for Prestige Valuations? We’ve outlined the reasons below.
- Comprehensive Documentation: Clients receive detailed reports, including photographs and descriptions, which are essential for insurance and legal purposes.
- Expertise in Diverse Jewellery Types: From contemporary designs to European antique jewellery, their team possesses the knowledge to accurately assess a wide range of pieces.
Summing Up
To sum up, when it involves evaluating the jewellery, it becomes extremely important to ensure that you are getting the valuation done at the right place. This ensures that the prices and documents are genuine. Aside from this, getting the jewellery valuation done serves several purposes that we have discussed above. So next time, when you plan to go for a jewellery valuation, try to go with Prestige Valuations, and you won’t give a second thought to any other valuation company—this is the experience that they will provide you with.
